RBB Bancorp is a step closer to listing on Nasdaq after setting a price range which values the Californian commercial lender at as much as USD 369.25 million.

A total of 3.00 million – both new and existing – shares are on the block at USD 22.00 to USD 24.00 apiece and will fetch between USD 66.00 million and USD 72.00 million, if the 450,000 overallotment option is not exercised.

Formed as a holding company in January 2011, RBB started expanding through acquisitions some seven months later after taking over Nevada-based First Asian Bank, followed by Ventura County Business Bank in September.

After a two-year hiatus, the Los Angeles-headquartered financial organisation bought Los Angeles National Bank in an all cash deal which added USD 190.70 million in total assets and USD 162.00 million in deposits.

In February last year RBB added TFC holding and its wholly-owned subsidiary TomatoBank, to take its total assets and deposits to USD 469.90 million and USD 405.30 million, respectively.

As such, it is unsurprising proceeds from the listing will be used to finance potential future acquisitions, as well as other growth initiatives, which would be beneficial to loans and deposits in the long term.

RBB operates as a minority depository organisation and had total consolidated assets of USD 1.50 billion, deposits of USD 1.20 billion and shareholders’ equity of USD 183.50 million, as of 31st March 2017.

The company, which also became a community development financial institution in 2016, currently has 13 branches across three separate regions: Los Angeles County, California; Ventura County, California; and Clark County, Nevada.

It operates in the Los Angeles-Long Beach-Anaheim, California metropolitan statistical area – billed as the largest in the state, with 13.00 million residents and the second-biggest in the US.

RBB targets the Chinese-American banking market and claims to be the sixth-largest of the 37 lenders operating in this category.